The #Forex Market Wrap is here!
Watch the video to learn what key levels have been hit this week!
Forex Market Wrap
This week we were looking for the risk off sentiment to re-enter the market as more countries have gone into lockdown due to the spread of the Omicron variant. However, the market has seemed to shrug off all risk off sentiment currently with risk currencies like AUD and NZD benefiting the most.
The market seasonal analysis are looking more likely to play out at the moment we have seen USD and JPY weaken and GOLD, SILVER and EURO strengthen.
The USD Index looks to be closing the week bearish after retesting the highs of the range once again. With the price still in a range we need to see a breakout in order to confirm the weakness in the markets. A break below the lows around $95.70 would be ideal to see the USD index continue lower back to the major lows.
The GBPUSD price has rallied this week breaking above the key 1.3300 level. Now the price is trading above this level we could see long opportunities form on pullbacks. If the price continues to trend higher we could see the price rally back to the weekly lows of 1.3500.
The price of Gold was featured in our latest video as we looked for the seasonal bullish period to arrive. The price has started to form the beginning of a bullish upward trend with the 4hr making a new higher high. If this continues we could see the price of Gold move much higher.
The price of Silver also seasonally rallies throughout this time of the year and the price has formed a bullish reversal. In a previous video we highlighted the key support where we could look for long opportunities and the price reversed here. This trend could continue to move much higher and we will likely see buyers on any dips.
See some more analysis here.
Enjoy low spreads and quick trade executions with a live account. Our highly committed customer support team will assist you from your quick account setup to any future concerns. Start trading with Blueberry Markets today.